Tech Sector Downturn Adds to Bitcoin's Struggles
Today market analysis on behalf of Hani Abuagla Senior Market Analyst at XTB MENA
July 25, 2024 (Investorideas.com Newswire) Bitcoin continued to lose value amid a broader market sell-off, led by concerns over Mt.Gox liquidations which could continue to weigh on sentiment and a correction from recent gains. Over the past 24 hours, the crypto market experienced significant liquidations, with long liquidations being significantly greater than short liquidations. This substantial liquidation volume has exerted considerable downward pressure on Bitcoin prices.
Adding to the negative backdrop, the recent downturn in the tech sector has impacted cryptocurrencies, as investors reduce their positions in riskier assets. Despite initial bullish sentiment for Ethereum ETFs, the second trading day saw substantial outflows, largely due to a USD 320 million outflow from Grayscale ETF and limited inflows in other Ethereum ETFs. BTC ETFs also recorded subdued inflows compared to the previous days with only USD 44 million in inflows.
More Info:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp